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Al Reem Island A natural island off the coast of Abu Dhabi island being developed by Sorouh (Shams Abu Dhabi), Reem Investments, and Tamouh



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Old November 4th, 2010, 08:02 AM   #441
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Island home deliveries face red tape

Bradley Hope | Last Updated: Nov 4, 2010


Galen Clarke / The National

The much-anticipated delivery of homes on Reem Island has been pushed back as officials struggle to certify buildings for completion, the project's two top developers say.

Sorouh Real Estate and Tamouh Investments, two of the three master developers of the island, had originally said they would begin to hand over the keys to apartment buyers starting on July 1, but they have informed some customers that those plans have been delayed.

Sorouh is now aiming to hand over units by next February, while Tamouh says it is planning to start next month, executives said.

"We are working very closely with the Government authorities and leaving no stone unturned," said Gurjit Singh, the chief operating officer of Sorouh.

"As one of the first high-rise properties to be completed in Abu Dhabi, there is a complicated certification process."

The delays are significant for home buyers because many are renting alternative accommodations while they wait for their apartments to be completed.

Investors who bought the units to make a return can only sell the units after they have been finished because of the abrupt drop in demand for off-plan - or incomplete - homes.

Sorouh has finished building its Sun and Sky towers, which together will add 1,147 apartments and 800,000 square feet of office space to the market.

Tamouh is delivering 3,440 apartments in a series of towers on the end of the island facing Abu Dhabi's main island.

Tamouh said that halfway through this month, the company would invite investors for a tour of their buildings and they would be able to start moving into their homes next month.

"We have been ready to deliver for a long time now," the company said.

"Marina Square construction was completed many months ago.

However, we had to spend extra time and efforts to comply with the additional requirements of various authorities."

The certification process for a new building includes ensuring all of the equipment is working correctly and fire safety precautions are in place.

Reem Island has emerged as a focal point of Abu Dhabi's property woes after a downturn brought about by the global financial crisis.

As prices dropped by more than 50 per cent from their peak in the capital, sub-developers that bought land from companies such as Sorouh have had difficulty getting their projects off the ground.

Of the about 50 plots in the Shams Abu Dhabi project by Sorouh, around the Sun and Sky towers, only 10 are proceeding with construction.

The others have paid an average of 62 per cent of their payments for the land and have been having trouble meeting their obligations on time.

Sorouh has responded by assisting these developers in meeting with banks to find additional financing, but those efforts have not resulted in a broad success in fund-raising.

Sorouh has said it would eventually have to take back any land from developers that could not move forward with projects, but it has not yet foreclosed on anyone.

The property consultancy Jones Lang LaSalle said in a report the crisis had "forced developers to reassess their schemes, scale back more ambitious projects, seek alternative means of funding and plan products more aligned to the end-user".

The projects announced in 2008 are likely to be cut by about 60 per cent.

[email protected] / The National
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Old November 28th, 2010, 12:24 AM   #442
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4,700 new flats ready on Reem Island

Around 200,000 people to live on the tiny island close to Abu Dhabi coast

Published Saturday, November 27, 2010


Al Reem and Saadiyat are among several projects to be carried out by Abu Dhabi within its 2030 development blueprint that envisages the capital’s population to nearly triple to three million. (FILE)

Quote:
Around 4,700 housing units have been completed on Reem Island and will be delivered to their owners before the end of this year, a move that will put further downward pressure on rents, a real estate executive says.

The tiny island, which has undergone massive development over the past few years including infrastructure projects worth around Dh14 billion, will be home to nearly 200,000 people when all housing projects are finished, nearly a fifth of Abu Dhabi’s total population of about one million.

The first stage of infrastructure development has just been completed while the second phase is under way and the third would be completed in 2020.

“The Reem Island project will supply nearly 4,700 housing units to the Abu Dhabi market before the end of this year,” said Tariq Sultan, CEO of Bunya, the company which is in charge of most infrastructure projects on the island.

“Most of the units will be in Marina Square, which will be delivered before the end of this year… it includes nearly 3,433 apartments,” Sultan was quoted as saying by the Arabic language daily Alkhaleej.

He said infrastructure projects on the island, including roads, electricity and water, telecommunications and other services, are worth around Dh14 billion, adding that Bunya’s share is estimated at nearly Dhseven billion.

The remaining projects are carried out by Reem’s three developers—Surouh, Tamouh and Reem Investments, he said.
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Old December 1st, 2010, 05:25 AM   #443
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Sorouh upbeat on defaults at Sun and Sky tower projects

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Last Updated: Dec 1, 2010

Up to one in 12 buyers are expected to default on contracts to buy units on Al Reem Island, says a top executive of Sorouh Real Estate, the project's developer.

Buyers of units in the Sun and Sky towers who default on their contracts typically forfeit a 10 per cent deposit, which for many means the loss of more than Dh100,000.

A 970 square feet, one-bedroom apartment in the 65-storey Sun tower is listed for Dh1.3 million (US$354,000), while a 1,300 sq ft two-bedroom apartment in the 74-storey Sky tower is priced at Dh2.2m.

The company started an aggressive "default avoidance" programme last year for the towers, hoping to stem cancellations that have plagued many developments in the UAE, said Gurjit Singh, Sorouh's chief operating officer.
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Old December 7th, 2010, 06:53 AM   #444
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Defaulters

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& what about the 11 investors out of 12 who have paid between 50% to 80% and are waiting for the handing over of units already ready in the Marina square ?
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Old December 23rd, 2010, 02:09 AM   #445
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& what about the 11 investors out of 12 who have paid between 50% to 80% and are waiting for the handing over of units already ready in the Marina square ?
It seems to be a familiar story across the board from what I am seeing..
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Old December 23rd, 2010, 02:14 AM   #446
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Abu Dhabi to build malls on Yas and Reem Island

[IMG]http://i55.************/154f2pi.jpg[/IMG]
Abu Dhabi mall projects will generate an array of contract opportunities.

Quote:
by Elizabeth Broomhall on Dec 22, 2010

Abu Dhabi is planning to build new shopping malls on Reem Island and Yas Island, according to a recent report by property brokers Cushman & Wakefield.

The projects, to be developed over the next five years and create an array of contract opportunities, will almost double Abu Dhabi’s retail space from 936m2 per 1,000 people currently, to a total of 1,700m2 in 2015.
http://www.constructionweekonline.co...d-reem-island/
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Old January 2nd, 2011, 05:26 PM   #447
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do you ever think investing in al reem island will be worth it in the end.
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Old January 3rd, 2011, 09:30 AM   #448
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It even worst ...

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& what about the 11 investors out of 12 who have paid between 50% to 80% and are waiting for the handing over of units already ready in the Marina square ?
It seems to be a familiar story across the board from what I am seeing..


Parisian girl : It is even worst, cause to make sure that I got into an existing property which was actually existing on the land as well, I paid a premium of 1m as I came in late. Of course this premium is already wiped out !

and I am only talking about the principal left over amount which is invested in these properties !
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Old January 3rd, 2011, 09:32 AM   #449
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do you ever think investing in al reem island will be worth it in the end.
For Abu Dhabi residents these properties are like "women" ... "can't live without them, can't live with them" !!! hahahaha ...
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Old January 3rd, 2011, 07:38 PM   #450
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al reem isnt really the premuim place to live in abu dhabi is it. even when its built up it wont be where everyone dreams to live like the sales team said to me
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Old January 5th, 2011, 07:30 PM   #451
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al reem isnt really the premuim place to live in abu dhabi is it. even when its built up it wont be where everyone dreams to live like the sales team said to me
Well it will all depend on when the link between Reem & Saidyat gets ready, otherwise even without the Reem Island will cater to the Sowah Business centre & the Sorbourne university.

It is a inside the city but outside lifestyle which will sell to people !
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Old January 5th, 2011, 08:45 PM   #452
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when will this area be built up. i mean when your driving past skyscraper after skyscraper and the majority of projects are finished. i thought it would be 2012 but obviously not looking at the whole island. by the way anyone got a recent photo of the whole island.
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Old January 6th, 2011, 04:37 AM   #453
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Eshraq plans $224m IPO in Feb

First IPO in UAE in nearly two years


A digital image of Eshraq's Marine Rise project in Abu Dhabi's Reem Island. (SUPPLIED)

Quote:
By Reuters | Published Wednesday, January 05, 2011

UAE property firm Eshraq plans to sell a 55 per cent stake worth an estimated $224 million in an initial public offering in February and list on the Abu Dhabi stock exchange, a banker close to the deal said on Wednesday.

Eshraq's biggest project is Marine Rise, a 21-high rise complex on Abu Dhabi's Reem Island. Bin Nasra said 80 per cent had been sold to secondary developers.
http://www.emirates247.com/property/...01-05-1.338385






All good things to those who wait guys..
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Old January 6th, 2011, 07:07 PM   #454
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First IPO in UAE in nearly two years


A digital image of Eshraq's Marine Rise project in Abu Dhabi's Reem Island. (SUPPLIED)



http://www.emirates247.com/property/...01-05-1.338385






All good things to those who wait guys..
No doubt .. and to add it up .. I am waiting in Paris (Rueil Malmaison) for the next 2 days !! ... hahaha ..

Yeah it's been raining since yesterday .. right now it is better but bit frosty ! I hope I don't get the same weather tomorrow in London, otherwise the weekend is doomed!
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Old January 8th, 2011, 02:26 AM   #455
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Same story in London! Hah! It's miserable! lol Can't expect anything better this time of year anyway I guess. :)
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Old January 10th, 2011, 11:25 AM   #456
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Same story in London! Hah! It's miserable! lol Can't expect anything better this time of year anyway I guess. :)
Well Saturday was frosty but Sunday (including the Arsenal match!) was loads of Sunshine on Sunday but than I was in a hurry to catch my return flight from Terminal 4 !.. Mais voila ...
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Old January 16th, 2011, 01:16 PM   #457
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does anyone have a picture of the full island
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Old February 13th, 2011, 01:11 AM   #458
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Paris Sorbonne campus ready

General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander
of the UAE Armed Forces, and French Prime Minister Francois Fillon will attend the inaugural ceremony.


By Amelia Naidoo, Campus Notes Editor, and Iman Sherif, Staff Reporter | Published: 00:00 February 13, 2011


French President Nicolas Sarkozy and General Shaikh Mohammad Bin Zayed Al Nahyan looking at the model of the
Reem Island campus of Paris Sorbonne University after the foundation-stone laying ceremony of the university in 2008.

Image Credit: Abdul Rahman/Gulf News Archive


Quote:
Abu Dhabi: Enrolments at Paris Sorbonne University in Abu Dhabi (PSAUD) are increasing annually and are up 20 per cent this year, a senior official said.

After completing its Dh1.6 billion campus on Al Reem Island late last year, PSAUD celebrates its inauguration today.

General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, and French Prime Minister Francois Fillon will attend the inaugural ceremony.

Today's event also commemorates the fifth anniversary of the PSAUD's establishment in the UAE in 2006. It is the first French institution to offer programmes in the country. French President Nicholas Sarkozy participated in the special ground-breaking ceremony of Al Reem Island campus in January 2008.
http://gulfnews.com/news/gulf/uae/ed...ready-1.761156
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Old February 14th, 2011, 02:01 AM   #459
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French PM calls for dialogue at Gulf's Sorbonne


Francois Fillon (R) and Sheikh Hamid Bin Zayed al-Nahyan

Quote:
By Guillaume Klein (AFP) – 7 hours ago

ABU DHABI — French Prime Minister Francois Fillon on Sunday inaugurated a campus at the Abu Dhabi branch of the famed Sorbonne with a call for dialogue and an appeal against the idea of a clash of civilisations.

Fillon, on the first visit to the United Arab Emirates by a French premier since the UAE was founded in 1971, also held talks in Dubai and toured a French military base in Abu Dhabi.

The Paris-Sorbonne University Abu Dhabi is a "place of dialogue and sharing," the prime minister said.
http://www.google.com/hostednews/afp...2d7845d240.cb1
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Old February 14th, 2011, 03:37 AM   #460
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Mohammad receives Fillon and delegation - A symbol of civilisations' links

French Prime Minister graces opening of new campus on Al Reem Island.

By Iman Sherif, Staff Reporter | Published: 00:00 February 14, 2011


General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, with French Prime Minister Francois Fillon.
Shaikh Hamed Bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince’s Court, and French Prime Minister Francois Fillon take part in the inauguration of the new campus. Image Credit: WAM/AFP


Quote:
Abu Dhabi: His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, yesterday received French Prime Minister François Fillon and his delegation.

Paris Sorbonne University in Abu Dhabi (PSUAD) is a symbol of civilisations' links, said a senior official.

PSUAD on Sunday celebrated its fifth year in the UAE with the opening of its campus on Al Reem Island.

"PSUAD is a symbol of civilisations' links and a convergence point where the East and the West meet to broaden the French culture in the region not just in Abu Dhabi or the UAE but the whole region," Dr Mugheer Al Khaili, Director-General of‬Abu Dhabi Education Council, told Gulf News.‬
http://gulfnews.com/news/gulf/uae/ed...links-1.761668
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